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Kuna reports that Kuwait has begun the merger of KNPC and KIPIC state oil companies.

Kuwait is taking steps to merge its two state-owned oil companies, reported the news agency Kuna on Tuesday. The OPEC producer wants to restructure their energy industry. Kuwait National Petroleum Company (KNPC) plans to acquire Kuwait Integrated Petroleum Industries Company (KIPIC), Kuna reported citing KNPC Chief Executive Officer Wadha Al-Khateeb. KIPIC is in charge at Al Zour Refinery, while KNPC oversees Kuwait's refinery industry. Al-Khateeb, cited by Kuna as saying that the rapidly changing global oil and gas industry places a huge responsibility on the energy sector of a country to adapt to and enhance such changing dynamics. Kuna reported...

Oil & Gas

Trump warns Iran to give up its nuclear weapons dream or face harsh response

Donald Trump stated on Monday that he believes Iran intentionally delays a deal on a nuke with the United States. He also said Iran must give up any efforts to develop a nuclear weapon, or else face a possible strike on Tehran's nuclear facilities. Trump said to reporters that he believes the Iranians are using us as pawns. He made this statement after U.S. Special Envoy Steve Witkoff had met with a senior Iranian government official in Oman, on Saturday. Iran and the United States both said that they had "positive" and constructive" talks in Oman. The second round of...

Oil & Gas

White House warns that Iran will face a 'hell-to-pay' if it develops nuclear weapons

His press secretary warned reporters Friday, ahead of Saturday's talks between U.S.-Iran delegations. White House Press Secretary Karoline Leavitt stated that Trump's "ultimate goal is to ensure that Iran cannot obtain a nuclear weapons" and that Trump believed in diplomacy. However, she added that "all options" are available if diplomatic attempts fail. "He's made it clear to the Iranians and his team of national security will do the same, that all options were on the table and Iran had a choice. The president believes that if you don't agree with President Trump's demands, there will be hell to pay. Leavitt...

Oil & Gas

Sudan tells World Court UAE fuels Darfur genocide

Sudan informed the International Court of Justice that the United Arab Emirates violated the Genocide Convention on Thursday by supporting paramilitary groups in Darfur. The UAE, however, argued that the case should not be heard as the court lacks jurisdiction. Sudan requested that the judges issue an emergency order to prevent the attacks of the paramilitary Rapid Support Forces (RSF) and other Arab militias in West Darfur in 2023, which were documented by. The United Arab Emirates are complicit in the genocide of the Masalit, according to Sudan's acting Justice Minister, Muawia osman. The UAE have repeatedly dismissed Sudan's case...

Oil & Gas

Saudi Arabia outperforms Gulf counterparts in early trade, as Trump pauses the tariffs

Saudi Arabia's stock exchange led its Gulf counterparts higher on Thursday morning, following global shares. This was after U.S. president Donald Trump made the unexpected decision to suspend most of his recently implemented tariffs. Trump announced on Wednesday a 90-day suspension of many of his new tariffs. However, he increased the tariff rate on China from 104% to 125%, effective immediately. Saudi Arabia's benchmark stock index rose 4% on its way to the biggest intraday gain since March 2020. The increase was boosted by Al Rajhi Bank's 3.8% and Saudi National Bank's 3.9% increases. Saudi Arabia is currently subject to...

Oil & Gas

Oil drops 4% after US imposes 104% tariffs against China

The oil price dropped to its lowest level in over four years on the back of a rising demand outlook, fueled by a escalating trade war between China and the U.S., the two largest economies on the planet, as well as a looming supply outlook. Brent futures fell $2.38 or 3.79% to $60.44 per barrel at 0423 GMT. U.S. West Texas Intermediate Crude Futures dropped $2.46 or 4.13% to $57.12. Both contracts reached their lowest levels since February 2021. Brent spreads over six months The spread fell to 79 cents - its lowest level since the middle of November -...

Oil & Gas

Asian stocks are up, and so are major Gulf markets.

The major Gulf stock markets rose early on Tuesday following gains in Asian stocks, recovering from a global selling off on hopes that the United States would be willing to negotiate its high import tariffs. Saudi Arabia's benchmark Index advanced 2% on track to extend gains made in the previous session. This was led by Al Rajhi Bank's 2.3% increase and Saudi National Bank's 2.1% rise. Saudi Aramco, the oil giant, rose by 1.2%. The Saudi index fell 6.8% on Sunday, its largest one-day drop since the beginning of the COVID-19 Pandemic in 2020. A survey revealed that the non-oil...

Oil & Gas

Austria's OMV expects a petrochemicals joint venture to boost its Q1 earnings

OMV, Austria's oil and gas group, said that it expects its first-quarter results to be boosted by the merger of Borealis and Borouge with ADNOC. Abu Dhabi National Oil Company (ADNOC) and OMV agreed last month to merge their polyolefin business to create Borouge Group International. The new company will have a $60 billion enterprise valuation. Vienna-based company stated that the positive impact of its clean operating results would be a mid-double digit million euro range for the first quarter compared to the final three months in 2024. Clean operating results are based on current costs of supply and exclude...

Oil & Gas

OPEC+ panel seen not making any policy changes after unexpected output hike

Two delegates said that the top OPEC+ Ministers meeting on Saturday will not make any new changes to oil output policy. This is after this week's unexpected decision by the group to increase production further sent prices to pandemic levels. At 1200 GMT, a joint ministerial monitor committee (JMMC), or Organization of the Petroleum Exporting Countries plus allies, led by Russia will be held online. The JMMC is a group of oil ministers that includes Saudi Arabia, Russia, and other major producers. It meets about every two months, and it can make policy recommendations. On Saturday, two sources stated that...

Oil & Gas

India and UAE will develop an energy hub in Sri Lanka as Delhi competes against China's influence

India's Foreign Ministry announced on Saturday that India and the United Arab Emirates had agreed to build an energy hub in Sri Lanka. This comes as New Delhi's rivalry with China in the Indian Ocean Island nation grows. The three nations signed a pact to create the hub during Indian PM Narendra Modi’s visit to Sri Lanka. This was the first time a world leader visited Sri Lanka since Anura Kumara dissanayake became president in September. New Delhi and Colombo are working to strengthen their ties, as India's southern neighbor recovers from the severe financial crisis that was triggered in...

Oil & Gas

The Trump tariffs have caused a drop in the price of Bourses in the Gulf

The Gulf stock markets fell on Thursday morning, amid concerns that the U.S.'s reciprocal tariffs could worsen trade tensions globally and tip the world towards recession. On Wednesday, U.S. president Donald Trump announced a 10% tariff as a baseline on all imports and increased duties on dozens countries, including its largest trading partners. Saudi Arabia's benchmark stock index fell by 0.4% after the return to trading following a four-session Eid holiday. Saudi National Bank, the country's largest lender, fell 1.5%. Saudi Aramco, the oil giant in Saudi Arabia was down by 0.8%. Oil prices, which are a major factor in...

Oil & Gas

Owner Stroll: Aston Martin will continue to be in F1 for many decades.

Lawrence Stroll, the team owner of the Silverstone-based outfit, said that the Aston Martin brand would be present in Formula One for many decades to come. Aston Martin has announced that it will raise more than 125 millions pounds ($161.9million) from Stroll, the company's chairman, as well as the sale of the stake in its F1 team, which is controlled and owned by the Canadian. The billionaire stated in a press release that "these moves demonstrate Aston Martin's position on the Formula One Grid is as secure and ever." Aston Martin and its British racing-green colours will continue to compete...

Fossil Fuels

Fossil Fuels

Trade war worries cause major Gulf markets to fall

The major stock markets of the Gulf region fell on Wednesday morning amid concerns over the impact of the U.S. China trade war and uncertainty about changing U.S. policies. Trump has increased tariffs on Chinese products to eye-watering amounts, prompting Beijing slap retaliatory duty on U.S. Imports. Markets fear that this will intensify the trade war between two of the largest economies in the world and lead to global recession. Trump, who had already ordered reviews of chip and pharmaceutical imports, also ordered an investigation into possible new tariffs. Beijing continues to be aggressive, as it has reportedly told airlines...

Fossil Fuels

IEA and OPEC both cut their oil demand forecasts for 2025 due to trade tensions

The International Energy Agency has cut its projection for global oil demand growth this year. It cited escalating tensions in trade, a day following a similar move by the producer group OPEC. The move by the IEA - which advises industrialised nations - is the latest indicator that oil demand is weakening as a result of U.S. president Donald Trump's tariffs on trade, which has already caused a steep drop in oil prices in this month. The IEA reported in a report that the world oil demand will increase by 730,000 barrels a day this year, a significant drop from...

Fossil Fuels

Saudi Arabia could soon be a motor racing team owner

According to the chairman the Saudi Arabian Automobile and Motorcycle Federation, after sponsoring and hosting a Grand Prix, Saudi Arabia could own a Formula One Team. Prince Khalid bin Sultan Al-Abdullah Al-Faisal, in a video conference with reporters ahead of the race this weekend in Jeddah, said that there was interest. He said: "It's possible, and it might happen soon. "If you're going to buy an F1 team, people will do it for the money. Especially if one of PIF's (Saudi Public Investment Funds) companies is going to purchase it. "We are seeing Formula One reaching new markets and sales...

Crude Oil

Refined Products

Refined Products

The oil price plunges amid fears of a global trade war triggering recession

The oil prices fell more than 3% Monday, extending the losses of last week, as trade tensions between China and the United States escalated, stoking fears that a recession would lower demand for crude. Brent futures fell $2.28 or 3.5% to $63.30 a bar at 0049 GMT. U.S. West Texas Intermediate Crude futures dropped $2.20 or 3.6% to $59.79. Both benchmarks reached their lowest levels since April 2021 at the session low. Oil fell 7% on the Friday after China increased tariffs on U.S. products, intensifying a trade conflict that has caused investors to price in an increased probability of...

Refined Products

Sources say that OPEC+ Ministers are seen to be sticking to their plans for further increases in oil production.

Two OPEC+ sources told reporters on Thursday that a meeting of eight top ministers in OPEC+ is likely to keep the oil production policy unchanged. This calls for gradual increases in oil output from April. One source said that the talks started shortly after 0900 GMT. One source stated that the ministers will likely emphasize the importance of adhering to the oil production targets. Record Kazakhstan output Sources have said that the move has angered other members, including Saudi Arabia, which is the top producer in the group. OPEC+ has urged the Central Asian nation, as well as other members...

Refined Products

CNPC's think tank predicts that China's oil demand will increase by 1.1% by 2025.

China's oil demand will increase by 1.1% to 765 millions metric tons in 2025, a think-tank affiliated with the state energy company China National Petroleum Corp. (CNPC) announced on Tuesday. This is due to a better than expected growth of the economy and an increasing demand for petrochemicals. According to Wu Mouyuan of the CNPC Economics and Technology Research Institute, China's plastic consumption per capita is still around 60% less than that of developed nations. Wu said that China's booming electric vehicles (EV) sector will also drive the consumption of plastics. Plastics are used more in EVs than gasoline vehicles....

Refined Products

Trump warns that "there will be bombings" if Iran fails to make nuclear deal

Donald Trump, the U.S. president, threatened Iran on Sunday with bombings and secondary duties if Tehran failed to reach an agreement with Washington regarding its nuclear program. In a phone interview with NBC News Trump stated that U.S. officials and Iranian officials are talking, but did not provide any further details. Trump warned that if they do not make a deal there would be bombing. "But if they do not make a deal I may impose secondary tariffs like I did in 2004." Trump, in his first term 2017-21, rescinded the U.S.'s participation in a 2015 agreement between Iran and...

Refined Products

Oil nears one-month high and is set to gain for a third week amid supply problems

The oil price eased slightly but held close to one-month highs as it headed for a second weekly gain. This was due to a tightening of global supply after the U.S. placed tariffs on countries that buy oil from Venezuela, and put curbs on Iranian crude oil trade. Brent crude futures fell 14 cents or 0.2% to $73.89 per barrel. U.S. West Texas Intermediate Crude Futures were down 12 Cents, or 0.2 %, to $69.80 per barrel at 0431 GMT. Both contracts have gained over 2% this week. Since early March, they are up by more than 7%. BMI analysts...

Refined Products

Oil nears one-month high and is set to gain for a third week amid supply problems

The oil price was near a one-month high on Friday, and it appeared that the market would be in for a third consecutive weekly increase due to a tightening of global supplies after the U.S. placed tariffs on countries purchasing oil and gas from Venezuela as well as restrictions on Iranian oil trading. Brent crude futures fell 8 cents or 0.1% to $73.95 per barrel at 0213 GMT. U.S. West Texas Intermediate Crude Futures also fell 8 cents or 0.1% to $69.84 per barrel at 0049 GMT. Both contracts have gained over 2% this week. The U.S. President Donald Trump...

Refined Products

Oil prices remain unchanged as investors assess the impact of Trump tariffs

The oil prices were barely affected on Tuesday, as investors considered the impact of U.S. Tariffs on countries that buy oil and gas from Venezuela and the effect of tariffs in other industries like automobiles. Brent crude futures rose 1 cent to $73.01 per barrel at 0121 GMT. U.S. West Texas Intermediate Crude rose 1 cent to $69.12. Both benchmarks rose more than 1% after U.S. president Donald Trump announced that a 25% tax would be levied on countries that import oil and gas out of Venezuela. Investors are concerned that Trump's tariffs will slow down the economy and reduce...

Refined Products

Oil prices fall as investors watch Russia-Ukraine ceasefire discussions

Oil prices fell on Monday, as investors assessed the prospects for ceasefire negotiations aimed at ending Russia-Ukraine War. This could lead to a rise in Russian oil being sold to global markets. Brent crude futures fell 25 cents or 0.4% to $71.91 per barrel at 0409 GMT. U.S. West Texas Intermediate Crude fell 20 cents or 0.3% to $68.08. Both benchmarks closed higher on Friday, recording a second weekly gain. This was due to the new U.S. sanction on Iran as well as the latest production plan of the OPEC+ producer groups. After discussions with Ukrainian diplomats on Sunday, a...

Refined Products

Investors monitor ceasefire talks between Russia and Ukraine to keep oil prices steady

Oil prices remained stable on Monday, as investors assessed the prospects for ceasefire negotiations aimed at ending Russia-Ukraine War. This could lead to a rise in Russian oil being sold to global markets. Brent crude futures fell 8 cents or 0.1% to $72.08 per barrel at 0046 GMT. U.S. West Texas Intermediate Crude fell 5 cents or 0.1% to $68.23. Both benchmarks closed higher on Friday, recording a second weekly gain after fresh U.S. Sanctions on Iran and the newest output plan by the OPEC+ producer groups raised expectations for tighter supply. After discussions with Ukrainian diplomats on Sunday, a...

Refined Products

Prices of oil rise due to strong demand and a weaker US Dollar

The oil prices rose on Friday, thanks to a stronger dollar and an optimistic outlook for the demand in the United States, after fuel inventories dropped more than expected. Brent crude futures gained 43 cents or 0.6% to $71.21 per barrel at 0423 GMT. This is their highest level since the 3rd of March. The U.S. West Texas Intermediate (WTI), which is a crude oil produced in the United States, gained 38 cents or 0.6% to $67.54. U.S. data revealed a greater than expected drawdown in distillate stocks, including heating oil and diesel, last week. The drop was 2.8 million...

Refined Products

Brent crude drops in price against Dubai

Brent crude futures flipped into a discount versus Dubai swaps Wednesday for the first time in November 2023. LSEG data revealed this, highlighting the strength of Middle East sour crude compared to the global benchmark sweet crude. Brent-Dubai Exchange of Futures for Swaps LSEG data revealed that the price of oil was minus 2 cents per barrel as of Wednesday's close on the market at 0430 GMT. Two trade sources reported that the discount had since increased to 14 cents per barrel. Sweet oil is usually more expensive because it's easier to process. Harry Tchilligurian is the head of research...

Refined Products

Oil prices tame as China slowdown concerns offset Mideast risks

Early trading Tuesday saw little change in oil prices as concerns about global growth, U.S. Tariffs and Russia-Ukraine peace talks offset the increased instabilities in the Middle East. Brent futures increased 10 cents or 0.14% to $71.17 a bar by 135 GMT. U.S. West Texas Intermediate Crude futures climbed 7 cents or 0.1% to $67.65 a bar. Tina Teng, an independent analyst of the market, said that "fundamental economic uncertainties are overshadowing geopolitical tensions". The global demand outlook remains weak due to tariffs and the ceasefire talks in the Ukraine War. Investors were encouraged by the Chinese data released on...